Ah got it it has to do with non-controlling interest

Q4 FY24 Concall notes

Diversification and Sector Overview:

• Diversification into solar power plant projects.
• Indian infrastructure sector booming, with significant funding boost.
• Vision 2047 aims for extensive highways and high-speed corridors.
• Interest in Namami Gange program and water infrastructure projects.

Project Highlights:

• FY ’24 new project projection: Initially aimed for INR8,000 crores, achieved INR4,350 crores (due to all time low NHAI awarding).
• Q4 FY ’24 secured three new railway projects in EPC mode, totaling INR1,872.33 crores.
• Two new highway projects awarded in Q4 FY ’24: Chennai-Tirupati Package 2 and Kalimandir-Dimna Chowk.
• Entry into solar segment with KUSUM-C project for 543 MW DC valued at INR1,307 crores EPC.
• Collaboration with Stockwell Solar Services for Jodhpur solar project worth INR2,300 crores.
• Future guidance: Aim for INR11,000-12,000 crores order inflow in road, railway, solar, and water sectors.
• Expecting 15-20% growth in top line with steady margin of 15-16%.

Operational and Financials:

• Order book stands at INR12,434 crores, diversified across EPC, HAM, railway, and solar segments.
• Challenges faced in Neelmangala-Tumkur project due to land availability.
• Railway projects progressing well, with DMRC Metro projects at 50% completion.
• Varanasi-Ranchi-Kolkata Package 13 and 10 in initial stages of land acquisition.

Solar Segment:

• Solar segment contracts under KUSUM scheme: Split project with consortium, HG responsible for 65% of INR1,300 crores.
• Majority of solar project (85%) involves procurement, with HG’s existing EPC team handling civil work.
• Margins maintained at around 15% for EPC contracts, with equity at 14-15%.
• INR1,300 crores project purely EPC, excludes maintenance.

Namami Ganges and Water Projects:

• Namami Ganges projects in initial discussion phase, focusing on water sector projects like desalination and treatment plants.

Order Inflow Breakdown:

• INR11,000-12,000 crores order inflow projected.
• Breakdown by sector:
  • Highway: Around INR8,000 crores.
  • Railway and Solar combined: INR2,000 crores.
  • Water: Approximately INR1,000 crores.

Revenue Projection and Run Rate:

• Anticipated revenue for FY ’25: Around 50% of INR12,434 crores order book, i.e., INR6,000 crores plus.
• Similar run rate expected for FY ’26.
• FY ’25 revenue breakdown:
  • New railway projects: INR700 crores.
  • Solar projects: INR500 crores.
  • Additional revenue from Jharkhand, Jamshedpur, and Tirupati projects.

Solar EPC Project:

• Majority of project EPC tied up with prominent supplier at rock bottom prices.
• No expected price escalation for electrical ancillary components.
• Equity investment around INR520 crores, approximately 40%.
• Monetization plan for project post-completion.

Railway Projects:

• New railway projects initiated despite peers’ exits from railway segment.
• Railway projects structured similarly to NHAI projects, ensuring milestone-based payments.
• Positive changes observed in decision-making and payment schedules by railways.
• Expectation of timely payments to mitigate working capital cycle challenges.

BOT Opportunity:

• Current focus on subcontracting for BOT projects.
• Not pursuing BOT toll projects directly.
• Collaborations with companies like Adani and IRB for BOT projects.

Overall Strategy:

• Continued focus on profitable projects despite industry challenges.
• Monitoring working capital closely, anticipating timely payments from railway projects.
• Seeking growth opportunities through strategic collaborations and subcontracting.

Can someone explain me why EPS is down by 50%yoy Fy24 over Fy23 when the PAT is down by 34%.
market cap is at 5800 crores while Full year PAT is at 203crores this should work out to PE of 29x, However screener shows PE of 40, why is this so?
I see there is no dilution of equity capital either

Camphor resumes the downward trend after uptick in March.

Can someone share the gum turpentine realisations as of now ? Margins for camphor makers depend on gum turpentine realisations.